Aug. 17 (Bloomberg) -- Crude oil futures rebounded, rising above $71.40 a barrel in New York.

Crude oil for September delivery rose to $71.45 a barrel, or 0.6 percent, on the New York Mercantile Exchange at 8:55 a.m. in London. It had dropped as low as $71 a barrel.

In London, Brent crude oil contracts for September settlement, which expire today, climbed to $69.94 a barrel, a gain of 0.2 percent, after falling as low as $69.39 a barrel on the ICE Futures Exchange.

To contact the reporter on this story: Grant Smith in London at gsmith52@bloomberg.net

Last Updated: August 17, 2007 04:07 EDT